Word: turkeys
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...trading at an average discount of almost 20% to their industrial-country peers, even though they enjoy significantly higher earnings growth. No bubble there. Nor is there a bubble in South Korea, where the average P/E based on projected earnings is less than 12, nor is there in Turkey, where the average P/E is 10.6 - just to mention two countries where stocks are not overpriced...
...SIRNAK, TURKEY...
...Wednesday's vote comes amid rising nationalist sentiment in Turkey, fueled by the PKK attacks and also by moves in the U.S. Congress to declare the mass killing of up to 1.5 million Armenians by Ottoman Turks starting in 1915 a genocide. The situation is also complicated by the desire of the Turkish military to improve its standing among ordinary Turks after its failed attempt to block the election of the moderate Islamist Abdullah Gul as the country's President earlier this year...
...Washington has so far refused Turkish requests to send American troops to root out the PKK. Instead, the U.S. is urging talks between Turkish and Iraqi leaders to find a peaceful solution. For Turkey, that would require that the Iraqi Kurds distance themselves from the PKK, shut down its offices and make some attempt to crack down on their bases in the mountains. Turkey also wants Iraq to join Washington and Ankara in labeling the PKK a terrorist organization. But if Iraq fails to curb the PKK, then, as President Abdullah Gul told TIME in an interview earlier this year...
...Given the range of political elements in play, some analysts suggest all sides should avoid drawing lines in the sand. "The U.S. should be careful not to overreact if Turkey does send forces into the Kurdish area, " writes Anthony Cordesman, of the Washington-based Center for Strategic and International Studies. "The U.S., Iraqi Kurds and the Iraqi government has every reason to protest, but selective anti-PKK operations have a quarter of a century of precedents; the Iraqi Kurds are partially to blame; and it is far from clear just how destabilizing such Turkish action will...